Samsung revealed its plans on Monday to announce the next handset in the Galaxy lineup on May 3. According to many rumors that have surfaced, the handset that Samsung will reveal is the Galaxy S III, which is the successor to the popular Galaxy S II that saw record sales worldwide. Citing “a source in the UK telecoms industry,” CNET reported that the phone would be a minor upgrade compared to the Galaxy S II; however, it will feature new eye tracking technology. The eye tracking technology will use the device’s front-facing camera to detect if your eyes are looking at the screen or when you are writing text.

As for specs on the device, CNET’s source said the update would be small with just a few speed enhancements. The specs are said to be similar to the HTC One X landing on AT&T in a week. A 1.5GHz processor, 4-inch screen, and 1 GB of RAM is likely for the device, but other rumors claim even higher specs.

As for the name of the device…

CNET’s sources said we should not expect it to be called the “Galaxy S III,” but rather something a little more straightforward. That contradicts other reports, but anything is likely.

Samsung will introduce the handset at an event in London on May 3. We will cover the event in full that night and will relay any information we get before hand. Stay tuned!